How the...?

Beginner Questions
1

Hey

Firstly ive been trading on demo for over 2 months now. But back then i used to gamble (without knowing) and i more than doubled my account in less than a month, meaning not using stops obviously.

But having read in other posts people say that it is possible to double your account in perhaps a month or so. So does it mean i can turn $250 into $100,000 in a matter of a few years. But adding on more money along the way and doubling/tripling my profits etc.

Now i understand some companies do not offer such leverage, but how is it that some people start of with nothing at all and turn out to be million/billionaires. Its not even that they already have alot of money from the beginning but how is it that they turn a small amount into something soo big.

I know that Forex is not a “get rich quick” thing, but howcome some people make enough just to live off it i.e. pay for their daily expenses (house,kids etc) whereas others make a fortune, enough to live in luxury for the rest of their lives…

This is something that i’ve always wanted to know from the beginning and what got me into forex. I understand this is not an overnight thing but i sometimes my hopes are let down hearing people say that forex trading is good for a little extra cash on top of your actual real job. Because if thats the case i would never spend that much time and effort into something knowing that it would only just give very little help on top. Whilst on the other hand some say you can make a living off this and possibly turn it into millions.

I just dont seem to understand, should i just quit right now or carry on? Sorry lol im hopelessly confused…:confused:

2

If you can earn 2% a day trading forex you will be a millionaire shortly. Now, if you earned 2% one a 1000$ account, you wouldn’t be able to quit your day job, on a 10,000$ account you’d be making some money, on a 100,000$ account 2% a day would be pretty damn nice right?

Focus on earning 1% a day, no matter what you start with eventually that 1% will compound into something big, then you should be able to quit your day job if you wanted to

Look at what earning 2% a day on a 1k account for a year does lol.

3

ahah ive seen the figures it doesnt look so pretty lol :smiley:

4

2% consistently each day is all you need lol

5

  1. Bad money/risk management is a fast and guaranteed way to blow your trading capital

  2. Your success in forex, or lack of success, will ultimately depend on your character. Be patient, forget about doubling accounts every month. Read books on forex and trading, learn and then learn some more.

  3. You can become a millionaire by trading forex, but few succeed. Time will tell if you will be one of them. Do you have the will and stamina? Becoming a doctor takes years of studies - becoming a skilled trader is no different. Will you invest the time needed? It’s up to you.

6

2% a day consistently is virtually impossible I’m afraid. That’s like 50% a month. Warren Buffet would be proud of that.

7

Theres a reason very few traders are consistently profitable. I’m sure He’d be proud of me lol.

8

2% a day is not reasonable? what about 1% per day? what about 2% a week? what about 2% a month?

How long will it take you to double your account?

If you start with $200 it will take what? about 12 or 13 doublings to have a million but you would be earning a steady living before that.

9

I’ll have to find the quote but some professional traders, the better ones, are making around 20-50% a week.
Warren Buffet is a long term investor - it’s a different thing and some would say less risk but you need to know what you;re doing there too.

After 2 years of learning, I’d say 5% a week is entirely manageable risking on 1%.
The mistakes you make during your first year or 2 of trading will probbaly take that to around -5% a week :slight_smile: